Austin Boston Corporation's Balance sheet for last year is presented below:

Cash $400,000

Accounts recievable 2,000,000

Inventory 3,000,000

Fixed assets 3,600,000

Total assets $9,000,000

Accounts payable $1,500,000

Notes payable 1,000,000

Mortgage 2,500,000

Common stock 2,500,000

Reatined Earnings 1,500,000

Total liabilities and equity $9,000,000

Sales last year were $10,000,000 and they are expected to increase by 20 percent next year. Net profit margin is forcasted to be 8%. Austin Boston plans to pay dividends of 60%. Management expects that the sales increase can be handled by exisisting fixed assets. How much external funds does Austin Boston need next year?

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